The Nasdaq lost 2.5%, the Dow Jones lost 1.5%, and the S&P 500 dropped by 2%.

The S&P 500 fell on Tuesday as persistent concerns that the Federal Reserve will continue to be hawkish and push the economy into a recession continued to weigh on investor sentiment.

The Nasdaq lost 2.5%, the Dow Jones lost 1.5%, and the S&P 500 dropped by 2%.

Greater regulatory scrutiny and a more than 6% fall in Meta Platforms were the driving forces behind Big Tech's prolonged slide into the red.

Apple and Microsoft both dropped by approximately 1%, while Alphabet dropped by more than 2%.

The Fed is anticipated to reduce the pace of rate increases to 0.5% during its meeting next week.

However, its predictions regarding the trajectory of upcoming rate hikes are certain to capture investors' attention.

Recent economic indicators, such as an upbeat surprise in services activity and a good month-over-month jobs report, have fueled investor concerns that the Fed's higher for longer rate regime may push the economy into recession.

Falling oil prices, concerns about the prospects for oil demand, and slowing global growth all contributed to a decline in energy equities, despite China's recent relaxation of COVID regulations.

Losses were led by EOG Resources Inc., APA Corporation, and Marathon Oil, with the latter down more than 4%.

PepsiCo fell by roughly 1% as concerns over sluggish growth were stoked by allegations that the company was preparing to lay off hundreds of workers at its North American snack and beverage units.

Elsewhere, Boeing Co. will soon deliver its final 747 jet, bringing to an end the iconic plane's 50-year reign as the corporation transitions to the development of more fuel-efficient aircraft.

(Sources: investing.com reuters.com)